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Blue Star Ltd Interim / Quarterly Report 2022
61425_rns_2022-02-02_014905d1-ee3d-4ddd-9957-0a17fb585e9b.pdf
Interim / Quarterly Report
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Blue Star Limited
Band Box House, 4th Floor, 254 D, Dr Annie Besant Road, Worli, Mumbai 400 030, India. T : +91 22 6654 4000 F : +91 22 6654 4001 www.bluestarindia.com
February 2, 2022
| BSE Limited | National Stock Exchange of India Limited |
|---|---|
| Phiroze Jeejeebhoy Towers, | Exchange Plaza, C-1, Block G, |
| Dalal Street, | Sandra Kurla Complex, Sandra (East), |
| Mumbai -400 001 | Mumbai -400 051 |
| BSE Scrip Code: 500067 | NSE Svmbol: BLUESTARCO |
Dear Sir/Madam,
Sub.: Outcome of the Board Meeting
With reference to our letter dated January 18, 2022, and in accordance with Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the 'Listing Regulations'), we hereby inform you that the Board of Directors (the 'Board') at its Meeting held today, i.e. Wednesday, February 2, 2022, has inter alia approved and taken on record the Unaudited Standalone and Consolidated Financial Results of the Company for the Third Quarter and nine months ended December 31, 2021 along with Limited Review Reports, pursuant to Regulation 33 and Regulation 52 of the Listing Regulations.
The copies of aforesaid Financial Results along with the Limited Review Reports are enclosed herewith.
The Company had closed its Trading Window from Saturday, January 1, 2022, pursuant to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 and the Company's Code of Conduct on Prohibition of Insider Trading, and the Trading Window shall remain closed till Friday, February 4, 2022 (both days inclusive).
The meeting commenced at 11 :00 a.m. and concluded at 3~ .t.t5"" p.m.
The above information is also available on the website of the Company at www.bluestarindia.com
Thanking you, Yours faithfully, For Blue Star Limited
Raj sh Parte Company Secretary & Compliance Officer Membership No.: A10700
11172.16.31.16\Legal and Secretarial Documents(01 ) Blue Star Limited\2021-22\Stock Exchange Compliance\Reg 30 lnfonmation and Update\Outcome of BM\02-02-2022
Registered Office: Kasturi Buildings, Mohan T Advani Chowk, Jamshedji Tata Road, Mumbai 400 020, India. T: +91 22 6665 4000 F: +91 22 6665 4152. CIN L 28920MH1949PLC 006870
Deloitte Haskins & Sells LLP
Chartered Accountants One International Center Tower 3, 32"d Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai - 400 013 Maharashtra, India Tel: +91 22 6185 4000 Fax: +91 22 6185 4001
INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF BLUE STAR LIMITED
-
- We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of BLUE STAR LIMITED (the "Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as the "Group"), and its share of the net profit after tax and total comprehensive income of its joint ventures for the quarter and nine months ended December 31, 2021 (the "Statement") being submitted by the Parent pursuant to the requirements of Regu lation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended .
-
- This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement pri nciples laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
-
- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with t he circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to t he extent applicable.
- The Statement includes the results of the following entities:
Parent: Blue Star Limited
- Subsidiaries: i) Blue Star Engineering and Electronics Limited
- ii) Blue Star Qatar WLL
- iii) Blue Star International FZCO
- iv) Blue Star Systems and Solutions LLC
- v) BSL AC&R (Singapore) PTE. LTD
- vi) Blue Star Climatech Limited
Joint Ventures:
- i) Blue Star M & E Engineering (Sdn) Bhd.
- ii) Blue Star Oman Electro-Mechanical Co. LLC
-
- Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the ot her auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recogn ition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulat ions, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
Deloitte Haskins & Sells LLP
- We did not review the interim financial information of two subsidiaries included in the unaudited consolidated financial results, whose interim financial information reflect total revenues of ~82.57 crore and ~161.33 crore for the quarter and nine months ended December 31, 2021 respectively, total net profit after tax of ~1.31 crore and B.47 crore for the quarter and nine months ended December 31, 2021 respectively and total comprehensive income of H.31 crore and ~3.47 crore for the quarter and nine months ended December 31, 2021 respectively, as considered in the Statement. These interim financial information have been reviewed by the other auditors whose reports have been furnished to us by the management.
These subsidiaries are located outside India whose interim financial information have been prepared in accordance with accounting principles generally accepted in their countries and which have been reviewed by other auditors under generally accepted standards on review engagements applicable in their respective countries. The Company's management has converted the interim financial information of these subsidiaries from accounting principles generally accepted in respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Company's management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors, the conversion adjustments prepared by the Management of the Company and reviewed by us and the procedures performed by us as stated in paragraph 3 above.
Our conclusion on the Statement is not modified in respect of this matter.
- The consolidated unaudited financial results includes the Group's share of profit after tax of ~0.36 crore and ~0.42 crore for the quarter and nine months ended December 31, 2021 respectively and total comprehensive income of ~0.36 crore and ~0.42 crore for the quarter and nine months ended December 31, 2021 respectively, as considered in the Statement, in respect of two joint ventures, based on their interim financial information which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.
Our Conclusion on the Statement is not modified in respect of our reliance on these interim financial information certified by the Management.
For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)
~~ta,.
Samir R. Shah Partner Membership No. 101708 UDIN: 22101708AAAAA06600
Place: Mumbai Date: February 2, 2022
| CONSOLIDATED | ~. c tn rores | ||||||
|---|---|---|---|---|---|---|---|
| QUARTER | QUARTER | QUARTER | NINE MONTHS NINE MONTHS | ||||
| SR. | PARTICULARS | ENDED | ENDED | ENDED | ENDED | ENDED | YEAR ENDED(AUDITED) |
| NO. | (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) | ||||||
| 31 .12.21 | 30.9.21 | 31.12.20 | 31 .12.21 | 31 .12.20 | 31.3.21 | ||
| 1 | Income | ||||||
| Revenue from oneralionsOther Income | 1 506.22 | 1 239.74 | 1 123.89 | 3 798.00 | 2.652.03 | 4 263.59 | |
| Total Income | 13.381 51960 | 8.121 247.86 | 8.091131.98 | 29.453 827.45 | 22.562 674.59 | 62.354 325.94 | |
| 2 | Expenses | ||||||
| a) Cost of materials consumed (including direct projeci and | 1.024.73 | 738.10 | 687.18 | 2.309.80 | 1,385.53 | 2.360.45 | |
| service cost)bl Purchase of stock in trade | |||||||
| c) Changes in Inventories of finished goods, stock-in-trade and work-in- | 303.26(146.49) | 198.1317.94 | 315.23(150.09) | 701.86(80.86) | 554.0372.45 | 880.0930.81 | |
| ·progress | |||||||
| d Emolovee benefits expense | 125.33 | 121.90 | 104.52 | 363.09 | 265.24 | 381.81 | |
| e Oeoreciation and amortisation expense | 22.45 | 20.43 | 25.91 | 62.93 | 67.44 | 92.29 | |
| lf1 Finance cost | 11.56 | 11.18 | 14.92 | 33.47 | 51.31 | 64.72 | |
| IQ Other exoensesTotal Expenses | 108.80 | 92.97 | 85.49 | 300.59 | 236.78 | 370.62 | |
| 3 | Profit before share of Profit/(Loss) of Joint Ventures {1-2) | 1.449.6469.96 | 1.200.6547.21 | 1 083.1648.82 | 3 690.88136.57 | 2 632.7841.81 | 4180.79145.15 |
| 4 | Share in ProfiV(Loss) of Joint Ventures | 0.36 | 0.23 | 0.91 | 0.42 | 1.62 | |
| 5 | Profit/floss) before Tax 13+4) | 70.32 | 47.44 | 49.73 | 136.99 | 43.43 | 2.60147.75 |
| 6 | Tax Expense | ||||||
| i} Current tax | 17.34 | 12.75 | 9.82 | 34.51 | 5.96 | 27.75 | |
| ii} Deferred Tax | 5.41 | 3.24 | 3.14 | 10.75 | 4.90 | 19.34 | |
| Total Tax Expense | 22.75 | 15.99 | 12.96 | 45.26 | 10.86 | 47.09 | |
| 7 | Profit/(Loss) for the oeriods f vear. 15-6) | 47.57 | 31.45 | 36.77 | 91.73 | 32.57 | 100.66 |
| Other Comorehensive Income/floss\ | |||||||
| A. (i) Items that will not be reclassified to orofitllloss) | 10.141 | 10.39\ | 1.08 | 10.56 | 2.23 | 5.94 | |
| (ii) Income Tax relating to items that will not be reclassified toProfit and Loss | 0.02 | 0.14 | (0.33) | 0.16 | (0.71) | (1.85) | |
| B. fil Items that will be reclassified to orofi!/ loss\ | 0.81 | 10.09 | f0.41l | 1.64 | (1.48) | (1.62\ | |
| (ii) Income Tax relating to items that will be reclassified to | - | - | |||||
| ProfiUlloss) | |||||||
| 8 | Other Comorehensive lncometrLossl | 0.69 | I0.34\ | 0.34 | 1.24 | 0.04 | 2.47 |
| 9 | Total Comprehensive Income I (Loss) for the periods I year (7+8) | 48.26 | 31.11 | 37.11 | 92.97 | 32.61 | 103.13 |
| Profits I ILossl for the oertods attributable to : | |||||||
| 10 | - Owners of the Comoanv | 47.50 | 31.36 | 36.70 | 91.55 | 32.38 | 100.35 |
| - Non-controllinn interest | 0.07 | 0.09 | 0.07 | 0.18 | 0.19 | 0.31 | |
| 11 | Other Comprehensive Income I {Loss) for the periods attributable to : | ||||||
| - Owners of the Comoanv | 0.68 | I0.37\ | 0.37 | 1.19 | 0.12 | 2.55 | |
| - Non-controllina interest | o.oi | 0.03 | f0.03) | 0.05 | f0.08\ | I0.08 | |
| 12 | Total Comprehensive Income for the periods f (Loss) attributable to : | ||||||
| - Owners of the Comnanv | 48.18 | 30.990.12 | 37.070.04 | 92.740.23 | 32.500.11 | 102.90 | |
| - Non-controllina interest | 0.08 | 0.23 | |||||
| 13 | Paid Up Equity Share Capital (Face Value of the share - ~. 21- each) | 19.26 | 19.26 | 19.26 | 19.26 | 19.26 | 19.26 |
| 14 | Reserve excluding Revaluation Reserves as per balance sheet of previous | 865.92 | |||||
| accountino vear | |||||||
| 15 | Earninas Per Share <eps1 ="" annualised<="" fin="" fnol="" td="" ~.=""> | ||||||
| a\ Basic | 4.94 | 327 | 3.82 | 9.52 | 3.38 | 10.42 | |
| b\ Diluted | 4.94 | 3.27 | 3.82 | 9.52 | 3.38 | 10.42 | |
| 1617 | Caoital Redemotion ReserveNet Worth | 2.34938.83 | 2.34890.62 | 2.34814.45 | 2.34938.83 | 2.34814.45 | 2.34884.58 |
| 18 | Paid up debt capital I Outstandina debt | 483.45 | 405.93 | 592.36 | 483.45 | 592.36 | 454.80 |
| 19 | Debt Service Coveraoe Ratio rOSCR) | 8.54 | 6.02 | 3.84 | 5.84 | 1.66 | 1.85 |
| 20 | Interest Service Coveraae Ratio llSCR) | 9.37 | 6.58 | 5.05 | 6.39 | 1.95 | 3.67 |
| 21 | Debt Eouitv Ratio | 0.51 | 0.46 | 0.73 | 0.51 | 0.73 | 0.541 .26 |
| 2223 | Current RatioLona term debt to work1na caoital | 1.250.63 | 1.300.60 | 1.220.88 | 1.250.63 | 1.220.88 | 0.59 |
| 24 | Current liabilit ratio | 0.84 | 0.83 | 0.83 | 0.84 | 0.83 | 0.85 |
| 25 | Bad debts to Account receivable ratio | - | 0.03 | ||||
| 26 | Total debt to total assets | 0.13 | 0.12 | 0.18 | 0.13 | 0.18 | 0.13 |
| 27 | Debtors turnover tNo. of davs)lnventorv turnover (No. of davs} | 51.7177.41 | 52.9080.31 | 53.8978.89 | 61.2396.14 | 78.27115.45 | 70.5797.75 |
| 2829 | Ooeralina marain {%) | 6.0% | 5.7% | 7.3% | 5.4% | 5.2% | 5.6% |
| 30 | Net nrofit mar in 1%\ | 3.1% | 2.5% | 3.2% | 2.4% | 1.2% | 2.3% |
BLUE STAR LIMITED Registered Office; Kasturi Buildings, Mohan T. Advani Chowk, Jamshedji Tata Road, Mumbai 400 020,
CIN No.: L28920MH1949PLC006870, Telephone No +91 22 6665 4000, Fax No. +91 22 6665 4152
UNAUDITED CONSOLIDATE.D FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021
NOTES:
1 The Audit Committee has reviewed and the Board of Directors has approved the above results at their respective meetings held on February 02. 2022.
2 Financial Results of Blue Star Limited (Standalone Information) :
| fin Crores | ||
|---|---|---|
| PARTICULARS | STANDALONE | ||||||
|---|---|---|---|---|---|---|---|
| QUARTER ENDEDIUNAUDITEDl | NINE MONTHS ENDEDIUNAUDITEDl | ||||||
| 31.12.21 | 30.9.21 | 31.12.20 . | 31.12.21 | 31.12.20 | 31.3.21 | ||
| Revenue from operations | 1,328.13 | 1.094.40 | 1 020.71 | 3,376.87 | 2,350.68 | 3.842.23 | |
| ProfiVlloss) before tax | 57.87 | 32.78 | 33.18 | 104.53 | 0.80 | 98.35 | |
| Profit after tax | 38.05 | 21.16 | 23.58 | 68.37 | 0.67 | 65.93 | |
| Total Comorehensive Income | 37.99 | 20.91 | 24.19 | 68.06 | 2.02 | 69.40 |
- 3 The Group continues lo monitor the economic effects of COV!D-19 on its business. Based on the O.Jrrent evaluation by the management, the carrying amounts of the assets are considered recoverable.
- 4 The Code on Social Security, 2020 ('the Code') received presidential assent on September 28, 2020. However, the date on which the Code will come into effect has not yet been nofified. The Group will record any related financial impact of the Code in the books of accoun~ in the period(s) in which the Code becomes effective.
- 5 Add:iUonal d/Sdosure as per Regulation 52(4} of SEBI (listing ObligaUons and Oisdosure Requirements}, Regulations 2015.
- i The Group has alloted unsecured redeemable non-convertible debentures (NCOs) on June 1, 2020. Total Non-Convertible Debenture of the Company outsJanding as on December 31 , 2021 are Rs. 350 crore. The asset co'ler in respect of the non4 convertible debenture of the Company as on December 31 , 2021 exceeds hundred percent of the principal amount of the said listed unsecured Non-Convertible Debentures.
- ii Net worth as per section 2{57) of the Companies Act. 2013
- OSCR =[Earnings before interest and Tax] I [Interest expenses + Principal repayments made during the period for long term loans]
- ISCR =[Earnings before Interest and Tax] / Interest expenses Debt I Equity Ratlo = Total Debt (Non-current borrowings+ current borrowings} I Equity
- Current Ratio = Current Assets I Current Liabilities
- Long term debt to working capital= (Non-Current Borrowings + Current Maturities of Non.Current Borrowings] I [Current Assets less Current Liabilities (Excluding Current Maturities of Non.Current Borrowi ngs)]
- Current liability ratio = Current liabilities I Total liabilities
- Bad debts to Account receivable ratio = Bad aebts I Average gross account recetvable
- Total debt to total assets= Total debt (Non4 current borrowings+ current borro1.vings) I Total assets
- Debtors turnover {no. of days) = Avg Debtors for !he period I Turnover for the period X Number of days in reporting period.
- Inventory turnover (no. of days) ; Avg Inventory for the period I Cost of Goods Sold for the period X Number of days in reporting period.
- Operating margin {%}= Operating EBITDA i.e. (Profit before tax. Other income+ Finance charges+ Depreciation) I Revenue from operations X 100
- Net profit margin (%.) = ProfiV{Loss) for the period I Total income X 100
- 6 The Asset Coverage Ratio as at December 31 , 2021 is 2.7 times as per Regulation 54(3) of SEBI (listing Obligations and Disclosure Requirements) Regulations 2015.
- 7 Previous periods' I year's figures have been regrouped I rearranged wherever necessary.
Date : February 02, 2022 Place ; Mumbai
www.bluestarindia .com
For BLUE STAR LIMITED Vice Chairman and Managing Director
Vir S. Advani
(DIN' 01571278)
BLUE STAR LIMITED
UNAUDITED SEGMENT WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021
| in Crores | ||||||
|---|---|---|---|---|---|---|
| Consolidated | ||||||
| PARTICULARS | QUARTERENDED | QUARTERENDED | QUARTERENDED | ENDED | ENDED | (AUDITED) |
| 31.3.21 | ||||||
| SEGMENT REVENUEa. Electro- Mechanical Projects and Commercial Air Conditioning Systemsb. Unitary Productsc. Professional Electronics and Industrial Svstems | 829.85609.6866.69 | 723.40454.7161.63 | 585.49492.9745.43 | 2,058.491,569.76169.75 | 1,438.761,086.47126.80 | 2,218.721,868.28176.594,263.59 |
| II SEGMENT RESULTPROFIT BEFORE INTEREST & TAXa Electro- Mechanical Projects and Commercial Air Conditioning Systemsb. Unitary Products | 52.4138.78 | 46.5423.26 | 34.1138.79 | 118.9883.81 | 57.9946.76 | 106.49108.82 |
| c. Professional Electronics and Industrial SystemsTOTAL SEGMENT RESULTLess: i) Interest and Other Financial Charges | 12.76103.9511.56 | 9.8379.6311.18 | 8.2681 .1614.92 | 28.15230.9433.47 | 26.59131.3451 .31 | 33.81249.1264.7239.25 |
| 47.21 | 136.57 | 41.81 | 145.15 | |||
| Ill SEGMENT ASSETSa. Electro- Mechanical Projects and Commercial Air Conditioning Systemsb. Unitary Productsc. Professional Electronics and Industrial Systemsd. Un-allocable Corporate AssetsTOTAL SEGMENT ASSETS | 1,706.461.390.67155.70583.223,836.05 | 1,547.47956.98143.22623.363,271.03 | 1,574.93898.6157.06805.453,336.05 | 1.706.461,390.67155.70583.223,836.05 | 1,574.93898.6157.06805.453,336.05 | 1,664.85986.9762.36835.273,549.45 |
| IV SEGMENT LIABILITIESa. Electro- Mechanical Projects and Commercial Air Conditioning Systemsb. Unitary Productsc. Professional Electronics and Industrial Systemsd. Un-allocable Comorete LiabilitiesTOTAL SEGMENT LIABILITIES | 1.297.56821.68141.73632.792,893.76 | 1,210.29470.90122.45573.592,377.23 | 1,113.74617.5668.89718.242,518.43 | 1,297.56821 .68141.73632.792,893.76 | 1,113.74617.5668.89718.242,518.43 | 1,240.69757.7178.50584.692,661.59 |
| v CAPITAL EMPLOYED(Segment Assets - Segment Liabilities)a. Electro- Mechanical Projects and Commercial Air Conditioning Systemsb. Unitary Productsc. Professional Electronics and Industrial Systemsd. Un-allocable Coroorate Assets less liabilities | 408.90568.9913.97 | 337.18486.0820.7749.77 | 461.19281.0587.21 | 408.90568.9913.97 | 461.19281 .0587.21 | 424.16229.26(16.14)250.58887.86 |
| TOTAL SEGMENT REVENUEii) Un-allocable ExpenditurePROFIT BEFORE SHARE OF PROFIT/I LOSS I OF JOINT VENTURESTOTAL CAPITAL EMPLOYED IN THE COMPANY | 31.12.211,506.2222.4369.96942.29 | 30.9.211,239.7421 .24(49.57)893.80 | 31.12.201,123.8917.4248.82 | 31.12.213,798.0060.90(11.83)817.62942.29 | NINE MONTHS NINE MONTHS YEAR ENDED(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)31 .12.202,652.0338.22(11.83)(49.571817.62 |
Notes:
1 Based on the "management approach" as defined in Ind AS 108-0perating Segments, the Chief Operating Decision Maker evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments.
2 Unitary product segment is seasonal in nature.
3 Previous period' I year's figures have been regrouped I rearranged wherever necessary.
Date : February 02, 2022 Place : Mumbai
Deloitte Haskins & Sells LLP
Chartered Accountants One International Center Tower 3, 32"d Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai - 400 013 Maharashtra, India Tel: +91 22 6185 4000 Fax: +91 22 6185 4001
INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF BLUE STAR LIMITED
-
- We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Blue Star Limited (the "Company"), for the quarter and nine months ended December 31, 2021 (the "Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
-
- This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibil ity is to express a conclusion on the Statement based on our review.
-
- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
-
- Based on our review conducted as stated in paragraph 3 above, nothing has come to ou r attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
For DELOITIE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/ W-100018)
Samir R. Shah Partner Membership No. 101708 UDIN: 22101708AAAAAN4815
Place: Mumbai Date: February 2, 2022
#### BLUE STAR LIMITED Registered Office : Kasturi Buildings, Mohan T. Aclvanl Chowk, Jamsheclji Tata Road, Mumbai 400 020, CIN No.: L28920MH1949PLC006870, Telephone No +91 22 6665 4000, Fax No. +91 22 6665 4152 UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31 , 2021
| | | | | | | | il'i n c rores |
|------------|--------------------------------------------------------------------------------------------|------------------|------------------|------------------|-------------------------------------------------------------------------|-------------------------------------|-------------------------|
| | | STANDALONE | | | | | |
| SR.<br>NO. | PARTICULARS | QUARTER<br>ENDED | QUARTER<br>ENDED | QUARTER<br>ENDED | NINE MONTHS<br>ENDED<br>(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) | NINE MONTHS<br>ENDED<br>(UNAUDITED) | YEAR ENDED<br>(AUDITED) |
| | | 31.1 2.21 | 30.9.21 | 31.12.20 | 31.12.21 | 31.12.20 | 31.3.21 |
| | | | | | | | |
| 1 | Income | | | | | | |
| | Revenue from oaerations | 1 328.13 | 1.094.40 | 1,020.71 | 3.376.87 | 2.350.68 | 3 842.23 |
| | Other Income<br>Total Income | 11.82 | 9.14 | 7.08 | 30.85 | 22.43 | 62.17 |
| 2 | Exoenses | 1 339.95 | 1103,54 | 1 027.79 | 3 407.72 | 2 373.11 | 3.904.40 |
| | a) Cost of materials consumed (including direct project and<br>service cost' | 931.01 | 687.70 | 662.40 | 2,135.26 | 1,289.88 | 2,216.38 |
| | b) Purchase of Stock in trade | 255.90 | 139.17 | 269.51 | 555.27 | 446.63 | 733.18 |
| | c} Changes in Inventories of Finished Goods, Stock-in-Trade and<br>work-in-progress | (145.62) | 21.56 | (148.89) | (74.23) | 66.82 | 25.49 |
| | dl Emolovee Benefits Exoense | 105.60 | 102.11 | 89.45 | 305.52 | 225.62 | 325.23 |
| | e) Depreciation and Amortisation Expense | 20.37 | 19.45 | 24.94 | 59.04 | 64.45 | 88.34 |
| | f) Finance Cost | 12.96 | 12.00 | 15.97 | 36.66 | 53.95 | 67.89 |
| | la\ Other Exoenses | 101.86 | 88.77 | 81.23 | 285.67 | 224.96 | 349.54 |
| | Total Expenses<br>Profitl(Loss) before tax (1-2) | 1 282.08 | 1 070.76 | 994.61 | 3 303.19 | 2 372.31 | 3 806.05 |
| 3 | | 57.87 | 32.78 | 33.18 | 104.53 | 0,80 | 98.35 |
| 4 | Tax Expense | | | | | | |
| | i) Current tax | 14.22 | 8.38 | 7.94 | 25.32 | (0.06) | 18.01 |
| | ii) Deferred tax | 5.60 | 3.24 | 1.66 | 10.84 | 0.19 | 14.41 |
| | Total Tax Expense | 19.82 | 11.62 | 9.60 | 36.16 | 0.1 3 | 32.42 |
| 5 | Proflt/ILossl for the oeriods/vear. 13-41 | 38.05 | 21.1 6 | 23.58 | 68.37 | 0.67 | 65.93 |
| | Other Comprehensive Income | | | | | | |
| | A. (j) Items that will not be reclassified to orofit/(lossl | 10,08) | f0.39\ | 0.94 | 10.471 | 2.06 | 5.32 |
| | (ii) Income Tax relating to items that wilt not be reclassified to<br>Profit and Loss | 0.02 | 0.14 | (0.33) | 0.16 | (0.71) | (1.85) |
| 6 | Other Comorehensive Income | 10.061 | 10,251 | 0.61 | 10,311 | 1.35 | 3.47 |
| 7 | Total Comprehensive Income for the periods I year (5+6) | 37.99 | 20.91 | 24.19 | 68.06 | 2.02 | 69.40 |
| | | | | | | | |
| 8 | Paid Up Equity Share Capital (Face Value of the share - ii'. 2/- each) | 19.26 | 19.26 | 19.26 | 19.26 | 19.26 | 19.26 |
| 9 | Reserve excluding Revaluation Reserves as per balance sheet of<br>previous accounting year | | | | | | 899.83 |
| 10 | Eaminos Per Share IEPSl fin<. l lnot annualised\ | | | | | | |
| | al Basic | 3.95 | 2.20 | 2.45 | 7.10 | 0.07 | 6.85 |
| | bl Diluted | 3.95 | 2.20 | 2.45 | 7.10 | 0.07 | 6.85 |
| 11 | Capital Redemption Reserve | 2.34 | 2.34 | 2.34 | 2.34 | 2.34 | 2.34 |
| 12 | Net Worth | 947.98 | 910.01 | 851.10 | 947.98 | 851.10 | 918.49 |
| 13 | Paid up debt capital I Outstanding debt | 595.26 | 546.14 | 689.45 | 595.26 | 689.45 | 578.79 |
| 14 | Debt Service Coveraoe Ratio (DSCR) | 6.75 | 4.41 | 2.83 | 4.55<br>4.55 | 0.92<br>1.02 | 1.45 |
| 15 | Interest Service Coverage Ratio (ISCR) | 6.75 | 4.41<br>0.60 | 3.50<br>0.81 | 0.63 | 0.81 | 2.69<br>0.66 |
| 16 | Debt Equity Ratio | 0.63<br>1.19 | 1.23 | 1.18 | 1.19 | 1.18 | 1.22 |
| 17<br>18 | Current Ratio<br>Long term debt to working capital | 0.80 | 0.82 | 1.16 | 0.80 | 1,16 | 0.73 |
| 19 | Current liability ratio | 0.85 | 0.82 | 0.82 | 0.85 | 0.82 | 0,85 |
| 20 | Sad debts to Account receivable ratio | | | | | - | 0.02 |
| | Total debt to total assets | 0.16 | 0.18 | 0.21 | 0.16 | 0.21 | 0.17 |
| 21<br>22 | Debtors turnover (No. of days) | 46.89 | 53.61 | 50.20 | 57.62 | 76.32 | 69.25 |
| 23 | Inventory turnover (No. of days} | 85.99 | 89.32 | 84.25 | 105.80 | 126.17 | 105.35 |
| 24 | Operating margin (%) | 5.98% | 5.03% | 6.57% | 5.02% | 4.12% | 5.01 % |
| 25 | Net profit margin (%) | 2.84% | 1.92% | 2.29% | 2.01 % | 0.03% | 1.69% |
| | | | | | | | |
NOTES:
**1 The Audit Committee has reviewed and the Board of Directors has approved the above results at their respective meetings held on February 02, 2022.**
**2 The Company continues to monitor the economic effects of COVID-19 on its business. Based on the current evaluation by the management. the carrying amounts of the assets are considered recoverable.**
**3 The Code on Social Security, 2020 ('the Code') received presidential assent on September 28, 2020. However, the date on which the Code will come into effect has not yet been notified. The Company will record any related financial impact of the Code in the books of account. in the period(s) in which the Code becomes effective.**
- 4 Additional disclosure as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015.
- i The Company has alloted unsecured redeemable non-convertible debentures (NCDs) on June 1, 2020. Total Non-Convertible Debenture of the Company outstanding as on December 31 , 2021 are Rs. 350 crore\_ The asset cover in respect of the non-convertible debenture of the Company as on December 31, 2021 exceeds hundred percent of the principal amount of the said listed unsecured Non-Conver1ible Debentures.
- ii Net worth as per section 2(57) of the Companies Act, 2013 DSCR = [Earnings before interest and Tax] I [Interest expenses+ Principal repayments made during the period for long term loans]
- ISCR = [Earnings before Interest and Tax ]/ Interest expenses
- Debt I Equity Ratio =Total Debt (Non-current borrowings+ current borrowings) I Equity
- Current Ratio = Current Assets I Current Liabilities
**Long term debt to working capital = {Non-Current Borrowings + Current Maturities of Non-Current Borrowings) I [Current Assets less Current Liabilities (Exduding** Current Maturities of Non-Current Borrowings)]
- **Current liability ratio= Current liabilities I Total liabilities**
- **Bad debts to Account receivable ratio= Bad debts I Average gross account receivable**
- Total debt to total assets = Total debt (Non-current borrowings+ current borrowings) I Total assets
- **Debtors turnover (no. of days) = Avg Debtors for the period I Turnover for the period X Number of days in reporting period.**
- Inventory turnover (no. of days)= Avg Inventory forthe period I Cost of Goods Sold far the period X Number of days in reporting period. **Operating margin{%)::: Operating EBITDA Le. {Profit before tax - Other income+ Finance charges+ Depreciation) I Revenue from operations X 100**
- Net profit margin(%)= Prafit/(Loss) far the period /Total income X 100
- 5 The Asset Coverage Ratio as at December 31 , 2021 is 2.4 times as per Regulation 54(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
- **6 Previous periods' I year's figures have been regrouped I rearranged wherever necessary.**
Date : February 02, 2022 **Place : Mumbai**
**www.bluestarindia.com**
tv = Vlr S. Advani **Vice Chairman and Managing Director** (DIN : 01571278)